Amy Kelly, Director, Speedpay Product Management
Our team enjoyed attending NACHA’s 2018 Payments Conference earlier this month. We attended sessions focused on a variety of topics, including mobile wallets, the payments experience in the age of connected devices and the rise of push payments. However, in the age of PayPal, Venmo and Zelle, across all of these sessions there was one recurring theme: the technology curve in the payments industry, including the barrier to adopting new technologies.
Particularly, it was noted that professionals in the payments industry can sometimes let a fear of security concerns stand in the way of implementing technological improvements. A key takeaway from the conference was that when it comes to adopting new technologies, sometimes we are our own worst enemy.
So how can we help clients overcome their fear of making a monumental technological shift in order to break out of their legacy frameworks?
Along with sharing our knowledge as experts in the payments industry, Speedpay can also serve as a consultant to help clients go from where they are technologically to where they want to be. Along with demonstrating the advantages of technologies like mobile wallets, e-billing and additional online payment options, we also can provide our clients with the data to back up why they should be catering to their customers’ ever-evolving digital needs and preferences.
The Speedpay Pulse, Speedpay’s new 2018 longitudinal consumer research study, revealed the following:
- A biller’s website is the most frequently utilized payment channel for monthly bill payment, with 56.1 percent of customers surveyed (out of 3,003) paying at least one of their monthly bills through the biller’s website.
- Within the next year, consumers expect to increase their usage of the biller’s website (37.6%), bank website (33.4%) and biller’s mobile app (32.1%).
- Approximately 41.5 percent of consumers prefer to receive digital bill statements.
- Email alerts are the most commonly preferred form of bill notifications and reminders by 42 percent of consumers.
With this information in mind, we have found that overall, consumers are looking for a better customer experience, which will allow them to more quickly complete payments – and, oftentimes, this “speed” and ease of customer experience stems from a new technological offering such as a mobile app or virtual assistant.
Although the payments industry’s caution has prevented it from fully benefitting from technological advancements, technology is continuing to seep into the industry and play an important role in helping clients manage their customers’ preferences.
Knowing this, it may be time for your company to rethink its technology adoption strategy and the speed at which your company feels comfortable adopting new technologies.
As a leader with nearly 30 years of experience in the payments industry, Speedpay can serve as a consultant to help you develop this strategy.
To get in touch with a Speedpay expert, please visit: https://payments.westernunion.com/contact